find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Big floats to boost IPO activity

Big floats to boost IPO activity

IPO ACTIVITY is set to surge by the middle of the year after a seasonally low March quarter, according to the Deloitte IPO Report — Quarterly Update.Despite the seasonal lull, Sarah…

IPO ACTIVITY is set to surge by the middle of the year after a seasonally low March quarter, according to the Deloitte IPO Report Quarterly Update.

Despite the seasonal lull, Sarah Dulhunty, head of equity capital markets at Blake Dawson Waldron says people in the industry have been hard at work.

“I think the general sense is it’s been frantic. We’ve certainly found it’s been very busy and I’ve got the impression that a lot of people have found it busy in preparation for things in the next couple of weeks or the next month or so,” she said.

With almost $3 billion in IPOs scheduled for early April, the second quarter is off to a good start. This week saw Boart Longyear, one of the world’s largest providers of drilling services, list with a capital raising in excess of $2.5 billion, along with the India Equities Fund with a capital raising of around $200 million. McArthurCook Asian Real Estate is scheduled to list on April 11 and expected to raise approximately $80 million.

This is up on the value of the 39 IPOs with a combined capital raising of approximately $256 million that listed in the March quarter.

According to Deloitte’s analysis, resources IPOs dominated the first quarter, accounting for the top 13 places by performance. The top five performing entrants, Yellow Rock Resources Ltd ($3.5 million), Wolf Minerals Ltd ($3 million), Prime Minerals Ltd ($2.2 million), Sovereign Metals Ltd ($5.9 million) and Bowen Energy Ltd ($5 million), collectively returned an average gain of almost 200 per cent, compared with a 40 per cent average return for IPOs across all sectors.

While IPOs from the resources sector were the best performers, buoyed by that industry’s boom, the size of resources floats was relatively small compared to the huge capital raisings expected this year. PricewaterhouseCoopers’ 15th Annual Sharemarket Float Report predicts that an increase in the value of IPOs will make 2007 a stronger year than 2006 when IPO activity declined 25 per cent.

In addition to the Boart Longyear float, other big floats scheduled for 2007 are the partial float of San Miguel Australia (around $1 billion) and Dairy Farmers (around $1 billion). If approved, the sale of Medibank Private ($1.5 billion) would also boost IPOs for 2007.

Dulhunty believes Japanese property trusts will be a big focus this year.

“Japan is a big focus for everybody — there’s been a real rush in interest in Japan in the last six months to a year. We’ve just done an IPO for Challenger Kenedix Japan Trust worth about $280 million. And there’s been quite a few others that have listed including ones by Rubicon, Galileo as well as Babcock & Brown. We’ve found it’s been very busy,” she said.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Big floats to boost IPO activity
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
Oct 23 2017
Lawyers slam rushed consultation for SA repeat offenders bill
The Law Society of South Australia has expressed concern for a proposal to roll out new laws amendin...
Oct 23 2017
The pursuit of happiness in the law
A panel of legal experts have explored how to define success in the legal profession, and how lawyer...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...